LTC hold the lines! Litecoin line battles.
This analysis is simple as always. Either LTC holds above the lines (purple circles) and remains strongly bullish, OR it doesn't.
If LTC breaks below the bullish trendlines, we remain long term bulls (as we are still in the bullish GREEN channel long term); however, we will become short term bears.
If we break down, we will go to:
STOP 1: $46.01
STOP 2: $43.66
or
STOP 3: $42.00
While the first two stops are a in sight, the third is more unlikely. Reason? We will have a ton of support at the first two. The first is our very strong $46 support and stop two includes: our support line, the 50 MA, AND the Middle Bollinger.
If we break down and you want to throw a short term short trade out, I wouldn't fault you. But be aware of these strong supports.
If you are a longer term swing trader as I am, you could sell here and repositions. But again, the risks are the same as in shorting. You have to be on constant watch as I am sure you are well aware. These markets can move fast and at night while you sleep.
The safest approach is to stay LONG. "HODL!" as they say. We are still in the longer term bullish GREEN channel and our target remains $57.
Happy Trading all!
If LTC breaks below the bullish trendlines, we remain long term bulls (as we are still in the bullish GREEN channel long term); however, we will become short term bears.
If we break down, we will go to:
STOP 1: $46.01
STOP 2: $43.66
or
STOP 3: $42.00
While the first two stops are a in sight, the third is more unlikely. Reason? We will have a ton of support at the first two. The first is our very strong $46 support and stop two includes: our support line, the 50 MA, AND the Middle Bollinger.
If we break down and you want to throw a short term short trade out, I wouldn't fault you. But be aware of these strong supports.
If you are a longer term swing trader as I am, you could sell here and repositions. But again, the risks are the same as in shorting. You have to be on constant watch as I am sure you are well aware. These markets can move fast and at night while you sleep.
The safest approach is to stay LONG. "HODL!" as they say. We are still in the longer term bullish GREEN channel and our target remains $57.
Happy Trading all!
Note
Litecoin failed to hold our lines (see last post on Litecoin). We have one more critical support at $42. We break that and I am out and bearish on Litecoin again.Good luck Litecoin longs!
Note
I've mistaken the stop out price on this post. It should be $40 (actually any close below $40 would be the confirmation). Sorry.Note
Updated chart. My apologies. A close below $40 in the next few days is confirmation that we've gone bearish:
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Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.